Solopreneur Money

Every one of us lies somewhere on the mental health spectrum with good days and bad. Mike Pagan developed mental wealth as a play on words of the term mental health. Mental wealth involves pursuing your true potential and well-being by developing a committed support network.

Although Mike is not a mental health counselor, he is a speaker, executive coach, and the author of 4 books. Mike uses his nonstandard approach to encourage his students to build their network so they can have the right people surrounding them to build the structure and support foundation to lift them up and bring balance to their lives. The support network can help give you the strength you need to achieve your goals.

• How Mike got where he is today [1:22]
• Why Mike chose to live where he does [6:20]
• Where the idea for mental wealth came from [10:18]
• What to do next [16:30]
• How to create habits [25:10]
• What a coach can do for you [28:20]
• A recap [36:35]
• The money questions [44:18]

• Episode 53 - 5 Weeks to Writing a Bestseller with Ben Gioia

• MikePagan.com
• BOOK - Mental Wealth by Mike Pagan
• Mike Pagan on LinkedIn if you would like to connect mention you heard him on this episode

• www.GabeNelsonFinancial.com/contact
• FREE Downloadable Resources at https://www.gabenelsonfinancial.com/resources/
• EMAIL: Gabe (at) GabeNelsonFinancial.com
• Follow Gabe on LinkedIn
• Follow Gabe on Twitter: @GabeNelsonCFP
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You may be a high achiever, but do you have the high performance habits that you need to attain your goals? Eva Medilek is a certified high-performance coach, international speaker, author, and cultural inclusivity trainer. Eva specializes in helping solopreneurs have more money, time, and success without sacrificing their health, well-being, and relationships in the process. Are you ready to learn the high performance habits that you need to achieve your goals? Press play to learn what you can do now to get on track to realize your goals.

• How Eva got to where she is now [1:32]
• How she learned about high performance coaching [4:34]
• The 5 relationship personality syles [14:27]
• How Eva supports her clients [21:38]
• 3 steps to develop high performance habits [25:34]
• The money questions [32:38]

After working 30 years for others as a dental assistant, Eva discovered that the only way that she would reach financial independence would be to start her own business. The only problem was figuring out what to do.

A commercial real estate informational seminar showed her a path to financial freedom. But success in her new business came at a steep cost. She discovered that she had sacrificed her personal life and relationships to reach her goals.

Then she read a book that would change her life. High Performance Habits showed her that there was a way to attain success without sacrifice. After following the author online, she ended up taking his coaching certification class where she not only learned the balance that needed to strike in her own life, she also learned how to teach others to do strike that balance as well. Learning high performance habits was the solution she needed to strike the right balance between work and play.

Before you can begin to implement high performance habits, you’ll need to start with a bit of introspection.

Most conflict occurs when people don’t feel seen, heard, or respected. Lack of communication affects every relationship and to have effective communication in your relationships you have to understand how you communicate with others.

Different personality types communicate in different ways and the habits from your past can come back and sabotage your relationships today. Understanding different personalities and communication styles can help you become a better communicator. You can use the acronym STYLE to help you remember each style.

• Seeking to please - These people who often seek approval may have had a critical or overprotective parent.
• Tries to control - There may have been abuse, chaos, or turmoil in this personality types’ home growing up.
• Yoyo - This personality type goes back and forth between pushing and pulling. They have a desire to be connected since their parents may have been too busy to give them the attention they craved.
• Looks to accept blame - These were passive kids looking for the abuse or turmoil in their homes to stop.
• Evades emotions - As children, they were often told to suck it up so they learned to hide their emotions.

These habits and traits were developed over years, but now you have an opportunity to upgrade your toolbox. Use Eva’s quiz to discover your own personality style so that you can set a transformational goal. The purpose of this quiz is to help you recognize what is holding you back so that you can implement the habits you need to get you where you want to go.

Being a high achiever and a high performer are two different things. To become a high performer you must have consistency. It is important to consistently put habits and practices in place so that your success continues to grow in a way that you aren’t sacrificing what is important to you. To create success without sacrificing your entire life implement these 3 things:

• Clarity - Identify exactly what do you want and where are you unhappy in your life. It is important to have a clear vision for your life. You’ll need to ask yourself many questions to reveal your true goals.
• Establish clear priorities - Without having clear priorities, you can fall prey to FOMO or shiny object syndrome and miss out on success. With every choice you make consider if it is supporting the priority that you have for the day, month, year, and life that you envision.
• Take responsibility - When you say yes to everything, you end up making poor choices. Create clear boundaries and communicate them to your team membe...

There are many solopreneurs out there that think they are doing well but still cannot afford to scale and grow their business. Why? Lack of profitability.

In this episode of Solopreneur Money, I will show you exactly how you can price your services for value and profitability. You became a solopreneur to create a life you love. Learn how to ensure you are pricing your services correctly so that you can build the life of your dreams.

• Making sure your business is not a job [1:22]
• An example of profitability [5:36]
• Finding a guide to profitability [7:13]

You didn’t quit your day job just to start another job, did you? As a solopreneur, you have the opportunity to take your business to the next level, but only if it is profitable.

Oftentimes, solopreneurs start their businesses as consultants. Many of these people left their day jobs to strike out on their own, but instead of charging what their old company did for their work, they decide to slash their prices to beat the competition. Sometimes they only charge half (or less than half) of what their old company did. What they don’t realize is that their business will never become profitable using this model.

When you charge a low amount for your services you are only accounting for the job part of your business. You are failing to account for the business part. You must consider your expenses, salary, and profit if you want to create a successful business.

Successful businesses use the 1⁄3 rule. Of your total revenue, 1⁄3 should go to profit, 1⁄3 to payroll, and 1⁄3 to overhead. You can learn more about using the 1⁄3 rule by listening to episode 16.

To create a profitable business you need to have an understanding of how to price your services. To do this, examine your expenses and your goals to get a clear understanding of the true cost it takes to run your business. Think about your profit, overhead, and payroll. Price your services for value but also so that you can make money and grow your business. Ultimately, you are a solopreneur not to have a job, but to create the life of your dreams.

To help you understand how to properly price your services I have created this guide to profitability. Check it out to help ensure that you price your services for value and profitability. My goal is to help you discover how you can create a successful business so that you can live the life that you truly want.

• Episode 16 - Take Action to Tackle Your Business Expenses
• How to Properly Price Your Services guide

• www.GabeNelsonFinancial.com/contact
• FREE Downloadable Resources at https://www.gabenelsonfinancial.com/resources/
• EMAIL: Gabe (at) GabeNelsonFinancial.com
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Do you like to create a budget? Even though I know they are important, I still don’t like to do them. As solopreneurs, sometimes we can let important tasks like budgeting fall by the wayside. That’s why I’ve come up with 10 best practices to help take the pain out of budgeting. These tips will help you stay on track in your business so that you can create the life that you want.

• Your vision for your business [1:32]
• Separating your business and personal expenses [3:03]
• Automating your expenses [5:05]

1. What is your vision? It may not seem like vision has a place when creating a budget, but when your vision is clear your decisions are easy. This is why you need to define your vision first before you even begin your budget. Where are you going in your business? What are you offering? Who are your ideal clients?
2. Separate your business and personal expenses. Do yourself a favor and set up separate business and personal checking accounts and credit cards. This will make it so much easier to track your cashflow. (click here to listen to the cashflow episode!)
3. Run an annual budget and break it into monthly expenses. Make sure to account for emergency savings and big-ticket items when creating your annual budget so they don’t spring up on you unexpectedly.
4. Run an annual estimate of revenues. Bill everyone on the same day each month. This will help you estimate when to expect those revenues.
5. Pay your quarterly tax estimates. You don’t want taxes to become a burden at the end of the year.
6. Save for retirement. Even if it is a small amount, just get started saving. You’ll thank yourself later.
7. Set up an emergency fund for your business. You never know what’s going to happen so you’ll want to make sure that you have 6-12 months’ worth of expenses to fall back on.
8. Automate your business expenses. Setting up automatic payments for your expenses is easy and will save you time.
9. Seek advice. Being a solopreneur can be a lonely journey, do you have a mentor to help you through? A mentor can offer advice to help you through the challenges. You’ll also want to get financial advice from your CPA, tax professional, or financial advisor.
10. Revisit your budget quarterly. Set a quarterly meeting with yourself to make sure that you are keeping your vision in mind.

Budgeting is a continuous work in progress and can change with your business. However, you need to have a clear vision of where you want to go so that your budget can help you create the life you really want. What is your vision? Are you creating a path to help you achieve your ideal life and business?

Head on over to GabeNelsonFinancial.com/resources to get FREE resources to help you stay on track to create the life of your dreams. If you are looking for a way to master your finances reach out via my website. Just click on the Start Here button to schedule a free consultation.

• How to Manage Your Monthly Cashflow So That You Can Reach Your Goals

• www.GabeNelsonFinancial.com/contact
• FREE Downloadable Resources at https://www.gabenelsonfinancial.com/resources/
• EMAIL: Gabe (at) GabeNelsonFinancial.com
• Follow Gabe on LinkedIn
• Follow Gabe on Twitter: @GabeNelsonCFP
• Follow Gabe on Facebook

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Audio Production and Show notes by PODCAST FAST TRACK https://www.podcastfasttrack.com

Are you looking for a way to supercharge your life and business? Discover how to implement a morning routine that will put you in the right mindset to ensure that you make the most out of every day you have.

Buddy Rathmell has had a fascinating life. He has hitchhiked across the United States, traveled extensively, started several businesses, and has even started a nonprofit to combat human trafficking. He joins me today to tell me about how his morning routine has changed his life. Sound interesting? Grab your headphones and press play to hear more.

• Find out about Buddy Rathmell’s journey [2:22]
• Overcoming challenges [5:52]
• Instilling a morning formula to supercharge your life [8:50]
• Discovering the benefits of having a morning routine [12:07]
• Morning formula details [15:06]
• Getting started with a morning formula [25:35]
• The money questions [29:32]

Even though Buddy has built several businesses from the ground up, they haven’t all been successful. Buddy describes his biggest challenge as staying focused. Since he is an extrovert with numerous big ideas, focusing on one thing can be tough. The way he has overcome his challenges is by having coaches, accountability partners, and by using his morning formula. Discover how Buddy’s morning routine has helped him maintain focus throughout the day by listening to this interview.

Buddy started his morning formula by simply using a day planner where he listed 3 things he was grateful for. This helped him be intentional about planning his day and put him in the right mindset. Since starting his morning formula Buddy has seen a shift in his mindset. He now looks for things he is grateful for. In addition, he is more effective at getting things done. What would be more important to you? A mindset shift or an increase in productivity?

Having a morning routine that supercharges your life is invaluable for solopreneurs. Starting your day by being focused and intentional leads to making the most out of each and every day. If you approach your day with intentionality then that intentionality bleeds into the rest of your day. Even on the days that you just don’t want to do the morning formula, you know that your day will be better by just doing it.

Are you ready to start using a morning routine to help you make the most of your life? Find out how a morning formula has changed both my life and Buddy’s life.

Your morning formula should be specific to you. Think about what would help you get started and ready to tackle the day. Buddy wakes up sometime between 4-5 am. He always starts the day with a glass of water. Next, come the Bible and prayer. He then writes down his declarations for the day and reads through inspirational quotes. Then he moves on to creating his plan for the day. After his daily exercise then he is pumped and ready for anything. Are you curious to hear what my morning formula is like? Listen in to discover what I do every morning to start my day.

If you are looking for some resources to help you reach your financial goals then stop by my website to find FREE resources! I also welcome communication via email. Don’t hesitate to reach out if you would like to schedule a consultation.

• BOOK - Miracle Morning by Hal Elrod
• BOOK - The Slight Edge by Jeffrey Olson
• BOOK - The Happiness Advantage by Shawn Achor

• LoveToWork.co
• Check out these FREE resources that Buddy has shared with our listeners! --- https://www.lovetowork.co/solo

• www.GabeNelsonFinancial.com/contact
• FREE Downloadable Resources at https://www.gabenelsonfinancial.com/resources/
• EMAIL: Gabe (at) GabeNelsonFinancial.com
• Follow Gabe on LinkedIn
• Follow Gabe on Twitter: @...